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Dispute with NYLCare could bankrupt pioneering physicians group
The decision by a major insurance company to exit the Maryland Medicare HMO market threatens to put the Baltimore area's largest doctor group out of business.
Doctors Health Inc. is in a court battle to keep NYLCare Health Plan from walking away from a multimillion-dollar deal in which Doctors Health agreed to provide care to thousands of Medicare patients under NYLCare's health maintenance organization.
NYLCare's Medicare HMO accounted for 59 percent of Doctors Health's gross revenues since October 1997. For its part, NYLCare says Doctors Health owes the insurance company millions in Medicare reimbursement dollars.
The dispute has put Doctors Health, which has been losing millions for years, into a full-blown financial crisis. In documents filed with the U.S. Securities and Exchange Commission, the company said if it does not receive more capital soon, and if the NYLCare dispute does not go its way. it could file for bankruptcy. In addition, Doctors Health's accountants have expressed concerns about its ability to stay in business. …